Restricted advice proving most attractive to younger generations

Restricted advice generate around one third of the sector’s income

Hope Coumbe
clock • 1 min read

The majority of 18-34 year olds find the restricted advice model more appealing than the independent one, according to The Lang Cat.

The consultancy's ‘The Advice Gap 2024' report – published today (3 July) – noted the industry had debated "various flavours" of the independent versus restricted debate "decades". Slightly over half of those aged 18-24 surveyed signalled restricted advice sounded more appealing than independent advice. Among respondents aged 25-34, more than 40% also pointed at restricted offerings as more appealing. Restricted advice firms currently make up around 10% of the market, but generate almost a third (32%) of the sector's overall income, the report estimated. The trend towards appeal...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

The paradox of invisible value: How to ensure clients recognise the power of advice in volatile times

The paradox of invisible value: How to ensure clients recognise the power of advice in volatile times

'Investing is not just a technical exercise; it’s an emotional one'

Kate Rainbow
clock 03 August 2026 • 4 min read
The Platforms Association acquires the UK Platform Awards

The Platforms Association acquires the UK Platform Awards

Clive Waller hands over the awards programme

Isabel Baxter
clock 30 July 2026 • 2 min read
FCA bereavement survey sent to just 12 firms – 'A very small dip in the ocean'

FCA bereavement survey sent to just 12 firms – 'A very small dip in the ocean'

Covers advisers, platforms and wealth managers

Sophia Panayi
clock 30 July 2026 • 3 min read